From 4% to 76%: What Fireblocks Sees Inside the Stablecoin Boom

When Ran Goldi took on his role at Fireblocks, stablecoins were 4–5% of the volume on its platform. This year they will be 76%, on a network expected to move $7–8 trillion.

In Episode 3 of The Borderless, host Debbie (OSL) sits down with Ran Goldi, Chief Payments and Networks Officer at Fireblocks, and Shaun Heng, Chief Product and Growth Officer at Banxa, to unpack who is actually driving that shift, where stablecoin payments come from and where they land, and what is still more hype than reality.

You'll learn

• Why USDC, not USDT, leads institutional stablecoin volume on Fireblocks

• Where stablecoin payments are sent from, and where they actually land

• What happens when banks try to build their own on- and off-ramps

• Why on-chain credit is growing fast while agentic payments are not (yet)

• What to expect from regulation and bank consortiums over the next 18 months

Timestamps

00:00 Introduction

05:09 What's Actually Happening in the Market?

08:27 How Is Banxa Licensed and Regulated?

11:15 Where Is Adoption Growing Across Markets?

17:36 Where Is the Market Converging?

21:11 What Has Surprised You in the Last 12 Months?

24:03 What's Happening with On-Chain Credit?

27:11 Are Agentic Payments Overhyped?

28:36 How Has Adoption Been and What's Actually Live?

30:04 Why Isn't There More Growth in Agentic Payments?

31:40 What Will the Stablecoin Market Look Like in 18 Months?

36:39 Where Is Regulatory Clarity Heading?